2023-05-09 10:13:49 ET
EVgo ( NASDAQ: EVGO ) shares slipped over 6% on Tuesday as even a nearly 230% jump in revenue was not enough to meet analyst expectations.
For the first quarter, the Los Angeles-based EV charging company reported an $0.18 loss per share on $25.3M in revenue. While the latter figure represented a 228.6% rise from the prior year, it was still $1.45M below lofty expectations on the Street. Adjusted gross margin
The company noted the acquisition of 67,000 accounts in the quarter, bringing the total customer count to 614,000. Additionally, the company announced an expanded agreement with Chevron to provide chargers at Chevron and Texaco stations.
“First quarter revenue growth was fueled by triple digit throughput growth as network utilization continues to increase faster than operational stall growth and EV adoption, demonstrating the strength of our business model,” CEO Cathy Zoi said. “EVgo is investing ahead of the mass adoption of EVs in the United States and installed a record number of new stalls during the quarter. We also announced an exciting expansion of our program with Chevron, which is designed to pave the way for fast charging at conveniently located gas stations across the country. We expect revenue to increase over the remainder of the year as we benefit from increasing EV adoption, the mobilization of new, faster stations, and the deployment of EVgo eXtend sites with our partners.”
The company provided a very wide range for revenue in 2023. Total revenue for 2023 is projected to range between $105M and $150M against a $138.76M consensus. Management expects an adjusted EBITDA loss of between $78M and $60M for 2023. Additionally, EVgo expects to have a total of between 3,400 and 4,000 DC fast charging stalls in operation or under construction by the close of 2023.
Shares of EVgo ( EVGO ) slumped 8.13% during Tuesday’s trading.
Read more on the details of the earnings release .
For further details see:
EVgo stock slumps on revenue miss, soft sales forecast